Old Dominion Freight Line (NASDAQ:ODFL) Upgraded to “Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Old Dominion Freight Line (NASDAQ:ODFL) from a hold rating to a buy rating in a research note released on Saturday morning.

ODFL has been the subject of a number of other reports. The Goldman Sachs Group restated a “buy” rating and set a $244.00 price objective on shares of Old Dominion Freight Line in a research report on Wednesday, July 29th. UBS Group reissued a “neutral” rating and set a $228.00 target price (up from $224.00) on shares of Old Dominion Freight Line in a research report on Thursday, July 30th. BMO Capital Markets restated an “outperform” rating and set a $230.00 price target on shares of Old Dominion Freight Line in a report on Thursday, June 4th. Zacks Research raised shares of Old Dominion Freight Line from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $245.00 price objective (up from $235.00) on shares of Old Dominion Freight Line in a research report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Old Dominion Freight Line currently has a consensus rating of “Hold” and an average target price of $226.55.

Old Dominion Freight Line Stock Up 2.3%

Shares of Old Dominion Freight Line stock opened at $216.36 on Friday. The stock has a market cap of $45.00 billion, a price-to-earnings ratio of 41.69, a P/E/G ratio of 3.76 and a beta of 1.18. Old Dominion Freight Line has a twelve month low of $126.01 and a twelve month high of $252.03. The company’s fifty day moving average is $226.40 and its 200 day moving average is $207.98.

Old Dominion Freight Line (NASDAQ:ODFL) last announced its earnings results on Wednesday, July 29th. The transportation company reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.14. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.54 billion. Old Dominion Freight Line had a return on equity of 24.87% and a net margin of 19.44%.Old Dominion Freight Line’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period last year, the company earned $1.27 EPS. As a group, equities analysts anticipate that Old Dominion Freight Line will post 5.78 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 16th. Shareholders of record on Wednesday, September 2nd will be paid a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.16 annualized dividend and a yield of 0.5%. Old Dominion Freight Line’s payout ratio is 22.35%.

Hedge Funds Weigh In On Old Dominion Freight Line

A number of institutional investors and hedge funds have recently modified their holdings of the business. Bell Investment Advisors Inc acquired a new stake in shares of Old Dominion Freight Line during the 2nd quarter worth approximately $25,000. Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Old Dominion Freight Line by 80.5% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 139 shares of the transportation company’s stock worth $27,000 after purchasing an additional 62 shares in the last quarter. Reflection Asset Management bought a new stake in shares of Old Dominion Freight Line during the fourth quarter valued at approximately $28,000. Evolution Wealth Management Inc. bought a new stake in Old Dominion Freight Line during the 1st quarter valued at $29,000. Finally, DT Investment Partners LLC raised its holdings in shares of Old Dominion Freight Line by 600.0% in the 4th quarter. DT Investment Partners LLC now owns 210 shares of the transportation company’s stock worth $33,000 after acquiring an additional 180 shares during the last quarter. 77.82% of the stock is currently owned by institutional investors.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line is a U.S.-based less-than-truckload (LTL) transportation company that provides regional, inter-regional and national freight services. Founded in 1934 and headquartered in Thomasville, North Carolina, the company has grown from a regional carrier into a national freight network, operating a broad system of service centers and terminals to move shipments for shippers of varying sizes and industries.

The company’s core business is LTL trucking, offering scheduled pickup and delivery for palletized freight that does not require a full truckload.